The global monoammonium phosphate market is expected to post a CAGR of more than 2% during the period 2019-2023, according to the latest market research report by Technavio.

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Technavio has published a new market research report on the global monoammonium phosphate market from 2019-2023. (Graphic: Business Wire)

Other than fertilizers, monoammonium phosphate is widely used in leavening agents, electronics, flame retardants, and various other applications. The continuous research and product developments are also increasing the functionalities of monoammonium phosphate as a preservative, flavoring agent, and coloring agent in F&B. Further, it is used as a nutritional supplement and buffering agent for yeast formation, winemaking, and mead brewing. Furthermore, monoammonium phosphate is used to formulate ABC dry chemical for fire extinguishers. It reduces the intensity and spread of fire in flame retardants applications. Such diverse applications of monoammonium phosphate will propel its demand during the forecast period.

As per Technavio, the adoption of precision farming will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global monoammonium phosphate market 2019-2023research report also analyzes other significant trends and market drivers that will affect market growth over 2019-2023.

Global monoammonium phosphate market: Adoption of precision farming

Precision agriculture is gaining immense popularity in the global agriculture industry. The technique involves the use of information technology systems such as smart sensors and high-precision positioning systems to increase crop productivity. The growing use of precision farming is optimizing the use of monoammonium phosphate fertilizers. The techniques allow farmers to use monoammonium phosphate in precise amounts for fertilizer application, thereby reducing the overall fertilizer cost and improving the profitability of farmers. Thus, the growing adoption of precision farming in developed and developing countries will be a positive trend in the global monoammonium phosphate market during the forecast period.

“Apart from the increasing use in applications, factors such as growth in the fertilizer industry, the growing investments to increase production capacity, and the increasing preference for backward integration among vendors will drive the growth of the monoammonium phosphate market during the forecast period,” says a research analyst at Technavio.

Global monoammonium phosphate market: Segmentation analysis

This market research report segments the global monoammonium phosphate market by application (fertilizers, flame retardants, food and beverages, and others) and geographic regions (APAC, North America, Europe, South America, and MEA).

The APAC region led the market in 2018, followed by North America, Europe, South America, and MEA respectively. The market growth in APAC can be attributed to a reduction in arable land, the increasing population, rise in per capita income, and the rising demand for food grains in the region.

Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.

Some of the key topics covered in the report include:

Market Landscape

Market ecosystem

Market characteristics

Market segmentation analysis

Market Sizing

Market definition

Market size and forecast

Five Forces Analysis

Market Segmentation

Geographical Segmentation

Regional comparison

Key leading countries

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

Vendors covered

Vendor classification

Market positioning of vendors

Competitive scenario

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